Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company experienced a transitional period in overseas capacity construction, which impacted short-term performance. In H1 2025, the company reported revenue of 2.65 billion yuan, a year-on-year decrease of 0.64%, and a net profit attributable to shareholders of 1.24 billion yuan, down 8.84% year-on-year [1][4] - The revenue from conference products in H1 2025 was 1.08 billion yuan, an increase of 13.17% year-on-year, indicating a strong market share despite lower-than-expected growth [2] - The company is actively addressing tariff fluctuations and capacity transfer issues, which are expected to have a controllable impact on profit margins in the next 1-2 years, enhancing the company's ability to navigate international trade complexities [3] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 2.65 billion yuan, with a net profit of 1.24 billion yuan, reflecting a decline in both metrics due to transitional impacts from overseas capacity adjustments [1] - The second quarter of 2025 saw revenue of 1.44 billion yuan, down 3.90% year-on-year, and a net profit of 678 million yuan, down 14.36% year-on-year [1] Business Structure - The revenue from desktop communication terminals in H1 2025 was 1.30 billion yuan, a decrease of 13.63% year-on-year, while conference products and cloud office terminals showed growth, with revenues of 1.08 billion yuan and 262 million yuan, respectively [2] - The cloud office terminal segment has seen a compound annual growth rate of nearly 45% from 2020 to 2024, significantly outpacing industry averages [2] Profit Forecast - The company is projected to achieve net profits of 2.73 billion yuan, 3.04 billion yuan, and 3.40 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 2.9%, 11.7%, and 11.9% [4]

Core Viewpoint - Yilian Network's stock price has shown a slight increase this year, but recent financial results indicate a decline in revenue and net profit, raising concerns about its future performance [1][2]. Financial Performance - As of August 29, 2025, Yilian Network reported a revenue of 2.65 billion yuan, a year-on-year decrease of 0.64% [2]. - The net profit attributable to shareholders for the same period was 1.24 billion yuan, reflecting a year-on-year decline of 8.84% [2]. Stock Market Activity - On September 12, Yilian Network's stock price fell by 2.02%, trading at 37.89 yuan per share with a total market capitalization of 47.99 billion yuan [1]. - The stock has increased by 1.58% year-to-date, with a 2.63% rise over the last five trading days and a 9.48% increase over the last 20 days [1]. Shareholder Information - As of August 29, 2025, the number of shareholders decreased by 2.05% to 36,200, while the average number of circulating shares per person increased by 2.10% to 20,034 shares [2]. - The company has distributed a total of 7.919 billion yuan in dividends since its A-share listing, with 5.338 billion yuan distributed in the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder, holding 39.73 million shares, a decrease of 26.19 million shares from the previous period [3]. - Other notable institutional shareholders include E Fund's ChiNext ETF and Huatai-PB's CSI 300 ETF, which have increased their holdings [3].

（编辑 袁冠琳） 证券日报网讯 亿联网络9月9日在互动平台回答投资者提问时表示，当前公司商务耳麦产品矩阵完善， 包括有线类、DECT无线类及蓝牙无线类产品。公司从稳定性、兼容性、拾音降噪、佩戴舒适度等多维 度持续优化产品性能，贴合多元场景下的商务办公需求，同时积极推进市场推广和渠道开拓，打磨商务 耳麦整体竞争力，为商务耳麦业务注入长足增长动能。 ...

9月9日，亿联网络盘中下跌2.02%，截至14:00，报37.33元/股，成交2.49亿元，换手率0.91%，总市值 472.81亿元。 资金流向方面，主力资金净流出39.32万元，特大单买入629.61万元，占比2.53%，卖出435.88万元，占 比1.75%；大单买入4705.04万元，占比18.93%，卖出4938.10万元，占比19.87%。 亿联网络今年以来股价涨0.08%，近5个交易日跌0.56%，近20日涨8.99%，近60日涨7.46%。 截至8月29日，亿联网络股东户数3.62万，较上期减少2.05%；人均流通股20034股，较上期增加2.10%。 2025年1月-6月，亿联网络实现营业收入26.50亿元，同比减少0.64%；归母净利润12.40亿元，同比减少 8.84%。 分红方面，亿联网络A股上市后累计派现79.19亿元。近三年，累计派现53.38亿元。 机构持仓方面，截止2025年6月30日，亿联网络十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股3973.28万股，相比上期减少2619.48万股。易方达创业板ETF（159915）位居第六大流通 股东，持股1179.5 ...

Q2 环比改善，预期底部反转。单Q2 来看，实现营收14.45 亿元，环比增长20%；归母净利润6.78 亿 元，环比增长21%，三条产品线均呈现环比改善、逐季上行的积极趋势。尽管国际贸易环境波动短期内 对业务订单出货等产生一定干扰，费用率短期受营收增速及关税影响小幅上升，但公司核心市场需求实 际稳定，且目前毛利率亦稳定，25Q2 毛利率65.7%，此前24 年毛利率65.4%。 投资要点： 事件：2025 年8 月26 日，公司发布25 年中报。25H1 实现营业收入26.50 亿元，同比微降0.64%；归母 净利润12.40 亿元，同比下滑8.84%，接近预告上限，此前预告12.2-12.5亿，上半年业绩波动主要系公司 海外产能建设的转移过渡期对订单出货造成阶段性影响。 会议产品+云办公终端，产品矩阵全场景覆盖，第二曲线持续向好。25H1 会议产品同比增长13%，云办 公终端同比增长31%，上半年会议产品+云办公终端占比超过50%（22 年仅31%），成为公司未来营收 增长双引擎。会议产品方面，新品主要围绕丰富和完善会议室解决方案规划布局，推出新一代音视频会 议平板、智能视讯一体机MeetingBarA4 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight decline in revenue for H1 2025, achieving 2.65 billion yuan, down 0.64% year-on-year, with a net profit of 1.24 billion yuan, a decrease of 8.84% year-on-year, primarily due to transitional impacts from overseas capacity construction [4][6] - The second quarter showed improvement with a revenue of 1.445 billion yuan, a quarter-on-quarter increase of 20%, and a net profit of 678 million yuan, up 21% quarter-on-quarter, indicating a positive trend across all product lines [6] - The company is focusing on expanding its product matrix, particularly in conference products and cloud office terminals, which have become key growth drivers, with conference products growing 13% year-on-year and cloud office terminals growing 31% year-on-year in H1 2025 [6] - The company has established a subsidiary in Singapore to mitigate trade risks and is gradually relocating its supply chain, which is expected to control the impact of tariffs on profit margins [6] - The company offers a dividend yield of 5.0% and has a historical valuation advantage, being considered a core asset that the market has overlooked [6] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 6.538 billion yuan, with a year-on-year growth rate of 16.3%, and a net profit forecast of 2.902 billion yuan, reflecting a growth rate of 9.6% [5][8] - The projected earnings per share for 2025 is 2.29 yuan, with a price-to-earnings ratio of 17 [5] - The company’s return on equity (ROE) is expected to be 30.5% in 2025, indicating strong profitability [5]

Summary of Key Points Core Viewpoint - A total of 135 stocks received buy ratings from institutions today, with 17 stocks receiving initial attention from institutions, indicating a strong interest in the market and potential investment opportunities [1]. Institutional Ratings - 140 buy rating records were published today, with 29 of these providing future target prices. 13 stocks have an upside potential exceeding 20%, with AVIC Optoelectronics showing the highest potential at 61.62% [1]. - Notable stocks with high upside potential include Noli Shares at 48.46% and United Imaging Healthcare at 37.22% [1]. - 17 stocks received initial buy ratings from institutions, including Haimeixing and Hengli Hydraulic [1]. Market Performance - Stocks rated with buy ratings saw an average increase of 3.27%, outperforming the Shanghai Composite Index. 119 stocks experienced price increases, with several hitting the daily limit up [1]. - Stocks with significant declines included Noli Shares, Agricultural Bank, and Shoufang Environmental Protection, with declines of 3.23%, 2.93%, and 1.26% respectively [1]. Industry Focus - The most favored industries include power equipment and machinery, each with 17 stocks listed in the buy rating category. The pharmaceutical and communication sectors also attracted attention, with 15 and 6 stocks respectively [2]. - Specific stocks receiving multiple buy ratings include Betaini, Kebo Da, AVIC Optoelectronics, and Yunnan Baiyao, each with two buy ratings [2][3]. Detailed Stock Information - A selection of stocks with buy ratings includes: - Betaini (2 ratings, +2.22% today, PE 40.30) in beauty care - Kebo Da (2 ratings, +10.00% today, PE 27.44) in automotive - AVIC Optoelectronics (2 ratings, +0.57% today, PE 28.83) in defense and military [2][3]. - Other notable stocks include: - Yunnan Baiyao (2 ratings, +1.06% today, PE 14.56) in pharmaceuticals - Zhonglian Heavy Industry (2 ratings, +0.41% today, PE 11.39) in machinery [2][3]. Additional Stock Ratings - Additional stocks with single buy ratings include: - Xuji Electric (1 rating, +2.09% today, PE 18.44) in power equipment - Xugong Machinery (1 rating, -0.20% today, PE 13.29) in machinery - China Rare Earth (1 rating, +2.33% today, PE 174.07) in non-ferrous metals [3][4].

Core Viewpoint - Yilian Network's stock has shown mixed performance in recent trading sessions, with a slight increase on September 5, 2023, while the company faces a decline in revenue and net profit for the first half of 2025 compared to the previous year [1][2]. Group 1: Stock Performance - On September 5, Yilian Network's stock rose by 2.04%, reaching 36.43 CNY per share, with a trading volume of 2.29 billion CNY and a market capitalization of 461.41 billion CNY [1]. - Year-to-date, the stock price has decreased by 2.34%, with a 3.60% drop over the last five trading days, an 8.45% increase over the last 20 days, and a 6.30% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to June 2025, Yilian Network reported a revenue of 2.65 billion CNY, reflecting a year-on-year decrease of 0.64%, and a net profit attributable to shareholders of 1.24 billion CNY, down 8.84% year-on-year [2]. Group 3: Shareholder Information - As of August 29, 2025, the number of shareholders for Yilian Network was 36,200, a decrease of 2.05% from the previous period, with an average of 20,034 shares held per shareholder, which is an increase of 2.10% [2]. - The company has distributed a total of 7.92 billion CNY in dividends since its A-share listing, with 5.34 billion CNY distributed over the last three years [3]. - As of June 30, 2025, major shareholders include Hong Kong Central Clearing Limited, which holds 39.73 million shares, a decrease of 26.19 million shares from the previous period [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to launch the T7 and T8 series desktop communication terminals in 2025, further solidifying its market leadership. Additionally, it plans to introduce a new generation of audio and video conference tablets, as well as AI-based design tools like RoomDesigner and SmartSpace for intelligent space management. The cloud office terminal segment will see the launch of the ANC Bluetooth headset BH78 and the new wired headset UH4X series, enriching the product line [3][4]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.65 billion yuan, a year-on-year decrease of 0.64%, and a net profit attributable to shareholders of 1.24 billion yuan, down 8.84% year-on-year. In Q2 2025, the operating revenue was 1.445 billion yuan, a decline of 3.90% year-on-year, with a net profit of 678 million yuan, down 14.36% year-on-year [3][4]. Business Segment Analysis - The desktop communication terminal segment generated revenue of 1.304 billion yuan, a year-on-year decrease of 13.63%, with gross margins remaining stable. The conference products segment saw revenue of 1.076 billion yuan, an increase of 13.17% year-on-year, with a gross margin of 66.41%, up 1.36 percentage points. The cloud office terminal segment achieved revenue of 262 million yuan, a year-on-year growth of 30.55% [4][3]. Future Outlook - The company is enhancing its product performance across various dimensions such as stability, compatibility, noise cancellation, and comfort to meet diverse business office needs. It is also actively promoting market expansion and channel development to boost the competitiveness of its business headset segment [4][3]. Earnings Forecast - The company is projected to achieve net profits attributable to shareholders of 3.056 billion yuan, 3.617 billion yuan, and 4.313 billion yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 15%, 18%, and 19%. The corresponding valuations are estimated at 15, 13, and 11 times [9].

证券日报网讯 亿联网络9月3日在互动平台回答投资者提问时表示，根据中国证券登记结算有限责任公 司《合并普通账户和融资融券信用账户前N名明细数据表》显示，截至2025年8月29日持有公司股份人 数（已合并）为36，214户。 （编辑 袁冠琳） ...